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Segment Information
9 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
As discussed more fully in Note 1, based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”). The Company has supplemented its analysis of OIBDA results by segment with an analysis of operating income (loss) by segment.
The accounting policies of the Company’s business segments are the same as those described in the summary of significant accounting policies included elsewhere herein. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Three Months Ended(in millions)
June 30, 2021    
Revenues$1,152 $189 $(1)$1,340 
Operating income (loss)197 21 (56)162 
Amortization of intangible assets39 21 — 60 
Depreciation of property, plant and equipment14 19 
OIBDA250 43 (52)241 
June 30, 2020
Revenues$861 $149 $— $1,010 
Operating income (loss)(160)14 (287)(433)
Amortization of intangible assets30 17 — 47 
Depreciation of property, plant and equipment11 15 
OIBDA(119)33 (285)(371)
Recorded
Music
Music
Publishing
Corporate
expenses and
eliminations
Total
Nine Months Ended(in millions)
June 30, 2021
Revenues$3,372 $556 $(3)$3,925 
Operating income (loss)604 61 (156)509 
Amortization of intangible assets110 60 — 170 
Depreciation of property, plant and equipment40 13 57 
OIBDA754 125 (143)736 
June 30, 2020
Revenues$2,852 $488 $(3)$3,337 
Operating income (loss)67 58 (442)(317)
Amortization of intangible assets89 52 — 141 
Depreciation of property, plant and equipment42 53 
OIBDA198 114 (435)(123)